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Bitcoin Miner Riot Platforms Achieves $109.4M Profit, Reversing 2023 Loss
Despite mining fewer Bitcoins, Riot’s holdings have reportedly surged a whopping 141% to 17,722 BTC following strategic acquisitions and fundraising efforts.
In an astonishing turn of events, Bitcoin miner Riot Platforms has announced record-breaking financial results for the year 2024. The company, listed on Nasdaq, has reported $376.7 million in total revenue for the past year, which is a staggering 34% increase from 2023’s $280 million. Net income during the same period reached an astonishing $109.4 million, a drastic reversal from last year’s net loss of $49.4 million.
It seems that Bitcoin mining operations have been the primary driver behind this boost in revenue. The company has managed to generate $321 million in 2024 alone, nearly double the $189 million recorded in 2023. However, this is not a reflection of increased production as Riot Platforms mined fewer Bitcoins last year compared to 2023. The reason for this anomaly lies in higher Bitcoin prices and an increase in operational hash rate.
Despite these efforts, the company has managed to mine only 4,828 BTC in 2024, which is significantly less than the 6,626 BTC produced the previous year. This reduction was attributed to rising mining costs, the Bitcoin halving event that took place in April 2024, and an unprecedented 67% surge in global network hash rate.
Interestingly, the average cost of mining each Bitcoin rose to $32,216 in 2024, a substantial increase from the $3,831 seen in 2023. This was mainly due to reduced power credits and the more competitive mining environment.
It’s worth noting that Riot Platforms’ unique power strategy helped minimize some of these cost pressures by achieving an all-in power cost of 3.4 cents per kilowatt hour across its facilities.
To further strengthen its Bitcoin yield strategy, Riot raised $579 million in December through its inaugural convertible senior notes offering. The proceeds were utilized to acquire an additional 5,784 BTC, which led to a year-end total of approximately 17,722 BTC. This accumulation has propelled the company’s Bitcoin treasury to roughly $1.65 billion based on end-of-year market prices.
In light of these developments, Riot Platforms is now looking to capitalize on emerging opportunities in artificial intelligence (AI) and high-performance computing (HPC), particularly at its Corsicana Facility.
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Source: https://cryptopotato.com/bitcoin-miner-riot-platforms-achieves-109-4m-profit-reversing-2023-loss/
